What is the PSC Register?

/What is the PSC Register?
What is the PSC Register?2019-02-22T11:55:27+00:00
What is the PSC register?

What is the PSC Register?

UK companies, Societates Europaeae (SEs) and limited liability partnerships (LLPs) are required to keep a register of People with Significant Control, also known as a PSC register. This is in addition to the register of directors, secretaries, members and so on.

The PSC Register is a register of all persons and corporate entities with significant control and is required to aid transparency for UK registered businesses. In the past it had been possible to register a UK business with nominee directors and shareholders in place thus keeping the real beneficial owners details off of the public record at Companies House. The PSC register requires all UK registered businesses covered by the legislation to keep a register of these previously hidden controllers or beneficiaries.

The reason for the PSC register is to aid investors with analysing company structures and also to aid law enforcement. In particular to help with money laundering investigations and also to help identify and prevent other illegal activity that may be carried out through UK business structures.

Company Formation

  • Full company documents

Who Does it Affect and When?

The PSC legislation affects UK registered limited liability companies, limited liability partnerships and Societates Europaeae (SEs). From our clients perspective the most common type of business we register and provide services to are private limited companies (LTD’s) and Limited Liability Partnerships (LLP’s).

The legislation affects both existing business and newly registered business. Existing business must keep a register of people with significant control from 06 April 2016 and must report this information to Companies House from 30 June 2016 when submitting the annual check and confirm ‘confirmation statement’.

Important dates –

06 April 2016 – All companies and LLP’s affected by the new rules must implement a PSC register in their company registers and record all PSC’s. If a PSC details are not know this must be recorded in the register and then updated when the details are known.

30 June 2016 – All newly incorporated companies and LLP’s affected by the rules must notify Companies House who their PSC’s are from this date onwards. All existing companies and LLP’s must notify Companies House of their PSC’s when their next Annual Return becomes due. The Annual Return is being changed to a ‘Confirmation Statement’ on this date also.